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Undeposited Funds is a default account in QuickBooks that holds funds from payments to your company until you deposit them to your bank account. You can't deposit funds directly to Undeposited Funds, because it's only a temporary account; you can deposit the funds in a single transaction after you take your deposits to your bank account. The advantage to a lump sum payment is that your transactions are still itemized in the account register, but you only have to check the lump sum deposits when reconciling transactions with your bank statements.

Enter Transactions With Undeposited Funds

1.

Click the "Lists" menu, and then select "Items."

2.

Select the type of payment from the "Type" drop-down menu, and then add any additional information for the transaction.

Deposit Undeposited Funds

Select the payments from Undeposited Funds that you want to deposit. If the "Payments to Deposit" window doesn't open automatically, click "Payments" on the "Make Deposits" window. Click "OK."

3.

Click the "Deposit To" drop-down menu and select the bank account you want to use for the deposit.

4.

Enter the date in the Date field, and then, if applicable, enter any additional payments to deposit that didn't come from the Undeposited Funds account.

5.

Click "Print," select the option to print a deposit slip, and then click "Print."

6.

Click "OK" to save the transaction. Take the deposit slip to the bank and deposit the funds into your account.

Tip

Use the Undeposited Funds account if your company accepts transactions throughout the day by cash or check, and then deposits them to the bank in one trip. Companies that take only credit cards deposit individual transactions straight to an account, and other online payments generally don't use the Undeposited Funds account.

Warning

Information in this article applies to QuickBooks 2013. It may vary slightly or significantly with other versions or products.

References (3)

About the Author

Avery Martin holds a Bachelor of Music in opera performance and a Bachelor of Arts in East Asian studies. As a professional writer, she has written for Education.com, Samsung and IBM. Martin contributed English translations for a collection of Japanese poems by Misuzu Kaneko. She has worked as an educator in Japan, and she runs a private voice studio out of her home. She writes about education, music and travel.